Chinese syndicates to keep hurting India via loan app scams: Cyber expert
The surge in illegal activities, through Chinese loan apps, has raised concerns about the exploitation of unemployed youth and financially-stressed individuals in India.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitInvestigations reveal that the masterminds behind these operations are predominantly based in China, leveraging local recruits in neighbouring countries to conduct their transnational criminal activities. The illicit operations include data collection and financial disruptions targeting the Indian economy.
Pavan Duggal, Chairman of the International Commission on Cyber Security Law, said that Chinese loan apps are significantly impacting the Indian economy as part of a broader approach. «China aims to target the Indian economy due to their past relationship with the nation. As a result, China is actively working to destabilise the Indian economy and gather as much data as possible through these loan apps.»
Duggal also pointed out that these apps offer instant loans with high-interest rates, leading people into financial distress. While many Chinese apps fall under the IT Act of 2000, they do not comply with Indian law, causing significant financial losses in crores to Indian citizens
«The need for dedicated cybercrime courts, as existing courts are overwhelmed with criminal prosecutions,» he said. He also stressed the necessity for new legal frameworks to address the misuse of emerging technologies for criminal purposes.
According to Duggal, the
